The cost of refurbishing the first unit of the Cernavoda nuclear power plant in Romania will amount to EUR 1.2-1.5 billion, according to Nuclearelectrica general manager Cosmin Ghita.

The cost has been estimated based on the average cost of similar projects involving nuclear power plants running on the CANDU 6 technology, Ghita explained.

Nuclearelectrica’s shareholders approved the start of this project in September 2017. The refurbishing will increase the reactor’s lifecycle by 30 years. The actual work is scheduled to take place from December 2026 until December 2028, when it will be completely shut down.

The company is looking into several options for financing this project, including a loan and a bond issue. A decision on the financing will be taken during the project’s planning stage, which should end in 2021.